It’s only February, but the Christmas break when we last recharged our batteries 🔋is only a distant memory.
And the Easter long weekend is barely on the horizon.
Aussies are entitled to 4 weeks annual leave each year – we must remember to take it!
And we need to encourage our staff to take theirs too.
Not convinced? Leave entitlements are expensive to payout if you let it build up too much – can you cashflow handle it?
Where will your next break be?
When it comes to the law, what is an employee? And who can be a contractor?
We’ve googled to bring you the important bits from various government departments.
To follow the law, businesses need to make sure they aren’t treating employees as contractors – it’s not as simple as whether or not they have an ABN or send invoices.
You are responsible for classifying your worker for tax and super purposes and you need to get it right. If you make an incorrect decision, you may face penalties.
Back to school, summer holidays are over!
Don’t forget to process time off so you can keep leave balances up to date for your staff.
Or simply let us know and we’ll manage it for you.
Superannuation needs to reach employee funds on or before 28th January (you’ll need to allow for the Australia Day long weekend).
Late super is not tax deductible – so leap tall buildings if you have to, to get it paid on time.
Don’t forget to create leave requests for the holiday period to keep employee leave balances up to date.
Don’t let an unexpected tax bill spoil Christmas.
Entertainment is the most common type of FBT we see.
(It could also include providing a company car or paying personal bills)
What is considered entertainment? It includes events and/or gifts (at any time of year)
Thinking about rewarding staff with a bonus?
Don’t forget super is likely to apply and you’ll need to use the schedule 5 tax scale to work out the tax to withhold.
If you don’t process and report the payment properly – you can’t claim a tax deduction.
Watch out for the Fringe Benefits Tax (FBT) Grinch ruining the fun for everyone this Christmas!
Read on to find out about nice festive fun that may attract naughty surprise taxes.
Are you looking forward to the Christmas break?
If you are closing your workplace for a week or 2, you’ll need to be across the fairwork rules about shutdowns – check available leave balances and let your staff know now.
Given up trying to find a fully qualified experienced unicorn?
Is it time to consider hiring an apprentice, someone you can train to work your way?
Incentives are available for eligible employers.
